Bitcoin Company Safello Expands Into Norway And Denmark

Bitcoin Company Safello Expands Into Norway And Denmark

Safello expands to Norway and Denmark with local bank transfers to make buying and selling of bitcoins more convenient in the Nordics. Norway in particular was plagued by a lack of good options after its largest exchange lost their bank accounts and had to shut down its operation. Safello aims to fill this gap and help Norwegians safely enter the Bitcoin market.

With the regulatory unclarity in Europe opening bank accounts remains challenging. Safello, regulated by the Swedish Financial Authority, is helping customers throughout the European Union buy bitcoins with SEPA payments. In its ambition to better serve the market Safello is adding local payment methods in selected countries.

Frank Schuil, CEO & co-founder of Safello explains:

"In this early stage of Bitcoin adoption the consumer entry point to the market is when they purchase their first bitcoins. It is there and then that Safello wants to provide a pleasant experience. We need to meet the consumer where they are most comfortable transacting. That means support for local payment methods that are familiar and convenient are a must."

UK market entry

Safello has had its ups and downs when it comes to penetrating local markets. In December 2014 the company announced to have secured a local bank account in the UK, only to be shut down a month later. Schuil elaborates: "In our first year of operation two of Sweden's top four banks closed down our accounts before we even got started. Many banks all over the world have taken a firm stance against Bitcoin companies. This despite whatever precautions companies take in terms of AML/KYC best practices. Safello in particular has a very strict policy. 

Schuil adds:

"We see it as a sign of times and keep pushing forward trying to cooperate with the banks. This groundbreaking technology takes time to be fully understood and appreciated. On top of that the regulatory environment has become stricter since the 2008 financial crisis. Because of this banks are understandably more cautious." 

Launch in Denmark and Norway

Shortly after its setback in the UK market Safello takes a stand by expanding to Norway and Denmark. Local bank transfer will make it easy for Norwegian and Danish consumers and companiess to buy and sell bitcoin through Safello.

Schuil on the market entries:

"After the largest exchange in Norway shut down we saw a steady amount of Norwegian customers sign up for our service. As part of our goal to strengthen our Nordic presence we set out to better serve them. Similarly the Danish market has had few options to choose from and we hope they will enjoy our platform."

About Safello

Founded in July 2013 Safello set out to bring greater compliance and security to the Bitcoin industry. Its user friendly approach has since attracted thousands of customers throughout Europe with an easy way to get into Bitcoin. Today Safello supports 32 countries in Europe with direct payments and other payments such as SEPA, Bankgiro, Swish and International Wire. With tens of millions of SEK, Euro and GBP in and out of Bitcoin processed, Safello is leading the crypto currency revolution in Europe.

Safello: https://safello.com/


Related News

Hunger for bitcoin grows in Scandinavia as regulatory approach evolves

This week sees perhaps Scandinavia's biggest bitcoin event yet. The Stockholm School of Economics (SSE) will host a conference discussing the future of the cryptocurrency, and 250 people have reportedly signed up. Just how healthy is the Scandinavian bitcoin community? The Scandinavian region (encompassing Sweden, Denmark and Norway) is seeing its fair share of action, both from regulators and from startups. Michael Grønager, COO of Payward (which is the company behind Kraken), is located in Denmark, which also plays host to bitcoin payment processing firm BIPS. That country has its own....

Iceland’s Money-Honey: The 10 Hottest Nordic Fintech Startups

While London may be considered as the Fintech hub for startups in Europe, the Nordic countries such as Sweden, Norway, Denmark, Iceland, and Finland, are also making a presence in what is becoming a competitive market. We’ve put together a list of the ten hottest Nordic Fintech startups that deal with digital currencies, payment apps, online lending and more. Safello – Founded in 2014, Stockholm-based, Safello, is Sweden’s answer and link to the Bitcoin marketplace. Operating an online exchange for Bitcoin, Safello signed a proof of concept deal with Barclay’s in 2015 to determine how the....

Safello Launches First ATM in Stockholm, Sweden

Last week, we reported on a start-up company by the name of Safello, that was working on a new bitcoin ATM. It was noted that Safello was essentially still scouting around for locations, but the company has seemingly found a place to do business. The Safello bitcoin ATM is reported located just outside the Hilton Slussen Hotel in Stockholm. As one would expect, the ATM is able to turn traditional fiat currency into digital currency using Safello's bitcoin exchange and vice-versa. The goal? Bridge the gap between the world of digital currency and fiat currency in one seamless transaction.....

Exchange Platform Safello Demonstrates Sweden's First Bitcoin ATM

Bitcoin exchange Safello will unveil Sweden's first bitcoin ATM next week, after announcing their work on the Lamassu machine just three weeks ago. The ATM will be on display next Monday at Stockholm's STHLM TECH Meetup - converting users' cash into bitcoin and depositing it in their wallet addresses. For now, the machine is operating in Safello's office while the company puts the finishing touches to its service. It will move to a more permanent location soon. "We are in discussion with a big mall in the centre of Stockholm. We aim to cooperate with them for the first ATM deployment,"....

Exclusive: An Interview with Frank Schuil of Safello

Recently, we had an opportunity to interview Frank Schuil, the CEO and founder of Safello. Frank is a seasoned entrepreneur who has founded numerous and guess what, he is/has been a rapper too! Safello is a leading bitcoin platform based out of Sweden. Safello offers a unique exchange and wallet service to its customers. People can buy, sell or store bitcoins on the platform. We asked Frank a set of questions about Safello, and future of bitcoin, and this is what he had to say. Gautham: Can you please tell us a bit about Safello? Frank: Safello was founded in July 2013. Since then, it has....